One of the most notable transformations in the UAE insurance market in recent years has been the growing awareness of insurance and the realisation that insurance is more than just purchasing a policy, according to Union Insurance's CEO, Mr Ramez Abu Zaid.
Union Insurance Company will be reducing its capital by 30.50% to AED230m ($62.63m) from AED330.93m to offset accumulated losses amounting to AED142.75m, the company said in a statement lodged with the Abu Dhabi Securities Exchange.
The UAE's auto insurance sector has seen a significant increase in premiums, exceeding 40% in some cases, raising questions from the Federal National Council, a consultative council whose functions include passing, amending or rejecting federal draft laws and discussing international treaties and agreements. Some insurers are charging double for third-party cover and imposing deductibles of up to 15%.
The UAE government has set a new Emiratisation strategy for the years 2027-2030 which targets Emiratisation rates of 50-60% at insurance companies, depending on company size.
Iraqi insurance and reinsurance veteran Dr Mustafa Rajab passed away on 15 June in Abu Dhabi at the age of 96.
Abu Dhabi-based IHC, a listed global investment company, has named its global reinsurance platform in ADGM (Abu Dhabi Global Market) as Reinsurance Intelligence Quotient (RIQ).
Transamerica Life Bermuda, a global high-net-worth (HNW) life insurer, has been granted a licence by the Dubai Financial Services Authority (DFSA) to establish a presence in Dubai International Financial Centre (DIFC).
Travel insurance premiums in the UAE have risen by 12% to 18% year-on-year on average as summer -- the peak season for international travel -- approaches.
Rokstone DIFC has appointed Mr Giles Hussey as senior executive officer of Rokstone DIFC and Mr Kamil Mammadov as head of short tail lines.
There is growing recognition of the importance of financial security in the workplace in the GCC, with the average age of those with income protection falling to 41 from 51 over the last three years, according to Zurich International Life Insurance Middle East, a subsidiary of Zurich Insurance Group.